Olive Oil Prices Jump 100%

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Olive oil is the latest commodity to see huge price hikes as it faces extreme weather during its production.

The average price in August was 130% higher compared to the year before. Global prices for olive oil were at $8,900 per ton in September driven by extremely dry weather in the Mediterranean, according to a report by the United States Department of Agriculture.

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Spain is the world’s largest exporter of olive oil and has suffered from intense drought for months.

Olive oil production in Spain has dropped to 610,000 tons, a 50 percent decrease in production when compared to its usual 1.3 million to 1.5 million tons produced.

www.breitbart.com/economy/2023/09/19/olive-oil-risk-due-extreme-weather-prices-surge-100-percent/

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